SunTrust Introduces HSAs

December 16, 2008 (PLANSPONSOR.com) - SunTrust
Banks, Inc. has announced what it called a turn-key
Consumer-Directed Healthcare (CDH) solution for employers
seeking to take control of their healthcare costs.

In partnership with ConnectYourCare, a provider of CDH
tools and account administration, the SunTrust HSA
incorporates a user friendly web portal with wellness
information to “empower individuals to take greater
control of their healthcare financial planning,”
according to the firm.

According to the announcement, benefits of the new
service include:

Real-time Employer Reporting and Control Tools:
Employers can manage their employee and account data
through access to the Employer Dashboard, an online
management tool that enables employers to maintain and
update employee information, such as employment status,
demographic information, direct deposit, and payroll
deductions. Employers also have access to a variety of
reports to help monitor account activity related to
claims, as well as treasury-related money movement
controls.

Participant Health Education and Empowerment
Tools: The web portal provides a suite of online
health-related tools such as hospital and drug
comparisons, wellness and exercise guides, and medical
research.

Banking and Investment Platform: Account holders
will have access to HSA investments through a single
sign-on portal, where they can view and select
investment choices that include an FDIC insured deposit
account and several mutual funds.